Application and award processes.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) Applications to participate and qualify for a loan or technical assistance grant under the Program may be obtained from the National Credit Union Administration as outlined in the related Notice of Funding Opportunity. (2) With respect to loans, NCUA will also require a Qualifying Credit Union to develop and submit a narrative describing how the Qualifying Credit Union intends to use the money obtained from the Fund to enhance the products or services it provides to its membership and how those enhanced products or services support the membership and community served by the Qualifying Credit Union. (3) In addition to those items required in this section, a Qualifying Credit Union that is a non-federally insured credit union must also include the following: (i) A copy of its most recent external audit report; (ii) Proof of deposit and surety bond insurance which states the maximum insurance levels permitted by the policies; (iii) A balance sheet, an income and expense statement, and a schedule of delinquent loans, for each of the four most recent quarter-ends; (iv) Documentation of the credit union's status as a low-income credit union by the appropriate state supervisory agency consistent with NCUA Rules and Regulations at §§ 701.34(a) and 741.204(b); and (v) An agreement to be subject to examination by NCUA. (c) (1) (2) (3) (4) (i) NCUA will only provide a loan to a qualifying federal credit union with the concurrence of that credit union's supervising Regional D

official document · source cfr-2024 · id 12:§ 705.7